Received a K-1 Error Message for Box 20 Code Z

Forum|Forum|4 years ago
April 8, 2022
4 replies
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It says Code Z has been selected but no Section 199A income has been entered on Statement A. There is an amount listed on Box Z, do I have to enter that number on a "Statement A" as well? If so, where is it?

Best answer by PatriciaV

Yes, TurboTax should ask you for more information about Section 199A relating to Box 20 Code Z at the end of the Schedule K-1 interview. Please return to that section of your Federal tax return and review your entries for this investment. Look for a page called "We see you have Section 199A income."

The easiest way to find this section In TurboTax Online, is to go to Tax Tools in the left column >> Tools >> Topic Search. Type in your topic, then click the topic in the list and then GO to go directly to the start of that section.

PatriciaVAnswer

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denndy51Author

Yes, I went back to the K-1 questions and realized that I had only provided the amounts for 2 of the 3 listed codes.

PrestigeVision

Okay I figured it out. The problem is that TurboTax Home and Business does not have a section to enter the Rental Income Loss. So. Run the Smart Check and it will take you to the error. Click inside the form that shows up and scroll down until you reach the form Statement A (199A). Now you can see the line Rental Income Loss. Input this value (should be -) into the box. Once you have done this, the error disappears and you can now submit your finished taxes online. You’re welcome.

PrestigeVision

Solved. The problem is that TurboTax Home and Business does not have a section to enter the Rental Income Loss. So. Run the Smart Check and it will take you to the error. Click inside the form that shows up and scroll down until you reach the form Statement A (199A). Now you can see the line Rental Income Loss. Input this value (should be -) into the box. Once you have done this, the error disappears and you can now submit your finished taxes online. You’re welcome.

PrestigeVision

In the K-1 section where if the Box 20 has Z checked, the next section is the 199A or Statement A categories, the Rental Income Loss is missing. Since it’s missing, we will always get an error through Smart Check. I figured it out by going through the error and finding the Rental Income Loss section myself by scrolling down to it and inputting it myself. This should help.